Bitcoin dominance tops 50% amidst market volatility: What’s subsequent?

• BTC remained essentially the most dominant asset regardless of current declines.
• BTC rose above the $61,000 value vary.

Bitcoin [BTC] costs have been fluctuating, transferring out and in of the pink zone, highlighting the lackluster development it has been experiencing.

Regardless of these fluctuations, Bitcoin dominance has managed to remain above 50%, albeit with marginal modifications.

This sustained dominance above the 50% mark has additionally influenced the general development of the cryptocurrency market capitalization.

Bitcoin dominance stays at over 50%

AMBCrypto’s evaluation of Bitcoin’s dominance knowledge from CoinMarketCap indicated that in the direction of the top of the earlier yr, BTC dominance dropped beneath 50%, signaling a lower in BTC’s market cap.

Nonetheless, on the onset of 2024, the market cap regained the 50% threshold and continued to rise. As of the final recorded knowledge on eleventh Could, BTC dominance stood at over 53%.

It’s value noting that CoinMarketCap calculates knowledge weekly. As for the 24-hour knowledge from Crypto Rank on twelfth Could twelfth, BTC dominance had fallen to round 50%.

Nonetheless, inside the final 24 hours, BTC dominance has elevated by roughly 0.4%, bringing it again to over 51% right now.

This interprets to round 51% of the entire crypto market capitalization.

Bitcoin market cap maintains a $1 trillion threshold

Evaluation of the crypto market capitalization development on CoinMarketCap revealed that it stood at round $2.3 trillion at press time.

Current knowledge indicated a discount in market cap over the previous few weeks, with a lower of over 2% within the final 24 hours. Declines within the costs of varied crypto belongings primarily drive the lower. 

Additionally, following a interval in 2022 the place the market capitalization fell beneath the $2 trillion mark, it re-entered this vary round March and has since remained there, albeit with fluctuations. 

Additional examination of the info highlights that out of the entire $2.3 trillion market capitalization, Bitcoin accounts for over $1.2 trillion.

Additionally, regardless of market fluctuations, the value of Bitcoin has managed to hover round $60,000.

This ensured that its market capitalization remained above the $1 trillion mark for an prolonged interval, permitting Bitcoin dominance to stay above 50%.

BTC makes push above $62,000

AMBCrypto’s evaluation of the Bitcoin day by day timeframe value development indicated that it has surged above the $62,000 value zone. It was buying and selling at round $62,500 on the time of writing, with a rise of over 1%.

This marked the primary return to this value vary within the final three days. 

Supply: TradingView

Learn Bitcoin’s [BTC] Worth Prediction 2024-25

Ought to this momentum persist, BTC could take a look at its short-term resistance degree at round $64,000.

Nonetheless, it’s value noting that it remained in a bear development based on its Relative Energy Index (RSI) at press time.